MANILA, Philippines - Two more firms – oil giant Petron Corp. and independent oil player Total Philippines Corp. – announced higher petroleum and liquefied petroleum gas (LPG) prices as the week drew to a close.
“This is to reflect movements in the international oil market,” Petron said in a statement.
Petron yesterday jacked up pump prices of diesel and premium gasoline by 50 centavos per liter, regular gasoline by 60 centavos per liter and kerosene by P1 per liter.
“We will likewise increase Gasul prices by P4 per kilogram at the same time,” Petron added.
On March 2, Shell Petroleum Corp., Seaoil Philippines, Inc. and Total announced the same amount of increases for gasoline, diesel and kerosene.
International oil prices escalated again last week due to heightened concerns and tensions over Iran’s nuclear program.
Prices of Brent crude for April delivery climbed by 4.93 percent or $125.47 per barrel on Feb. 25 compared with the previous week.
Since the start of the year, there were already eight oil price increases as against two price reductions.
As of Feb. 14, net increase stood at P3.60 per liter for gasoline and P2.15 per liter for diesel, data from the Department of Energy (DOE) showed.
Meanwhile, Total yesterday imposed higher prices for LPG. Prices of LPG rose by P4 per kilogram effective 12 noon while prices of auto LPG climbed by P4.30 per liter effective 6 a.m.